“You build on failure. You use it as a stepping stone.”
~ Johnny Cash
A lot of startups have crashed miserably before they could hit the bull’s eye. Being motivated and working on the pitfalls are the two things that have dragged them from rags to riches. When back in 2014 Apple introduced the world the first wallet app, who knew in less than a decade the market would be flooding with similar applications and it would be welcomed by people to such extent. This one move has opened a lot of opportunities for the mobile wallet app development services in the market and also has also brought a challenge to bring something new and innovative each time. At A3logics, mobile app developers have been providing great solutions to the clients.
There could be a chance that you too tried competing in the market following the trend but your app could not do as good as it was expected to. Without wasting any extra second, let’s see why e-wallet based start-ups may fail and what possibly would have been wrong with your mobile app. Before exploring this let’s have a quick look at the difference between payment app and e-wallet app.
Payment App Vs. E-wallet App
An e-wallet mobile app is like your digital wallet where you just don’t make transactions but can keep your money be it cash, cards, or documents whereas payment apps are the ones that are developed for the sole purpose of making payments. There are a lot more advantages of an e-wallet app over the payment app. Here’s a brief
- A mobile wallet has more offers and is accessible by various shopping portals.
- Store your card details in one place and use it in various places.
- A mobile wallet app would keep the card number encrypted, thus reducing the chances of cyber fraud.
- One can always win a lot of cashback offers and rewards on use of the cards in any distant portal
- Also, e-wallets offer various reward schemes thus gifting its users’ extra discounts and offers.
These are just a few benefits of the e-wallet app. The question arises despite so much to offer why startups based on such apps fail. Expert mobile app developers enlist here a few common reasons.
Why E-wallet Based Apps Fail?
Behind the failure of startups based on e-wallet applications the major factor is lack of market research. Most of the time many entrepreneurs try to enter the market cloning an existing app and expecting acceptance by the audience. If the cloned app has nothing extraordinary to offer then it is destined to fail. The other reasons being
1. Dependency on the User
Mobile apps in general are dependent on end-users. But when it comes to discussing apps that talk about one’s confidential information like account details, or medical background people do abandon such apps. This is the reason why many of the medical apps that were developed to perfection have failed. People are scared of their personal details being leaked and misused.
When it comes to saving account details and card numbers in an app, a lot of people still take a back. Lack of digital trust is one reason such apps often don’t work in the market well.
2. Various Payment Modes
Who doesn’t remember NFC enabled payments? One of the payment methods that is still trying to survive in the market. The major reason it failed was that users denied buying Nfc enabled smartphones as the majority of vendors weren’t using the payment method yet. And vendors refused to invest in hardware that would be put to use only for a few customers.
Here was the gap between utility and necessity. If either of the two parties would have been convinced with the technology it would not be struggling to survive the market today.
3. Complex Navigation
iOs app development service providers have confessed a lot of times startups based on such an idea fail because of the complexity of its use. As end users cannot find the simple functionalities like make a payment, check history, track transaction, balance inquiry, etc. easily they uninstall such apps. Considered the fact that wallet apps need to be built with more attention than general apps, they need to be simple to use and understand. UI and UX of any app no matter how complex or how simple it is, always matter. Click here to hire a developer who could build a feature rich app.
A mobile app is developed to make the day to day life simpler and not to complicate it further.
4. Security Threats
It is not easy to win customer confidence at once. And if your app fails at it in the first go there are chances it is never getting another chance. It is important that the app that you want to launch in the market offers safe and secure payment alternatives. Even if one threat is reported, it would take your complete business down.
One needs to make sure that the wallet app that they are to launch in the market is tested for every possible threat and rest assure the audience that nothing could possibly go wrong.
5. Missing the Marketing
There could be a possibility that the app you are about to launch is pitch-perfect and your audience would love it. But they would fall for your app only if they know about it. This possibly is the major mistake that most wallet apps make. Without the right marketing strategy, you are neither reaching your audience nor success in any case.
These are a few plausible reasons why so many e-wallet based startups have crashed miserably. Don’t fret. Now that we have talked about what brings an app to the trench let’s see how you can take your app to the peak.
How to Turn Your E-wallet Based App into a Success?
When you are looking forward to working on an e-wallet based app yourself here are a few things that would surely help.
1. Do Not Miss the Market Research
It is important no matter what you hire a research team to do market research and study the patterns of the target audience. Coming up with something that is infused in customers’ life as a habit that doesn’t demand them to break their regular habits is a great way to capture the market. Understanding the user tendency before working on the app ideology would save you a lot of time, effort, and money.
2. Easy App for Larger Base
As we have discussed above the complex the app the higher the chances of failure. Come in the market with an app that is easy to use and can perform basic functionalities in a minimum number of clicks. If your app is easy to use, your startup would surely earn great ROI and your idea would be a success.
Simpler the App, More the Users
3. Build Confidence
You need to ensure your users their money is in safe hands. With high security and various certificates to prove the safety, make sure in case of any mishap, the customer service team is available in a click. This would help the audience build trust in your startup that no matter what if any transaction goes wrong they can be assured their some would be refunded or added to the wallet.
These are some really simple and interesting ways to make sure that your mobile wallet app doesn’t fall to its face.
Now that we have talked about the reasons for failure and tips to the success of an e-wallet based startup, buckle your seatbelt and get ready to hit the market again. If you want to hire e-wallet app developers, reach only the best names in the industry for great results.